The Impressive TimesNew Delhi, July 14, 2025 — NITI Aayog today launched the third edition of its flagship publication “Trade Watch Quarterly” for Q3 of the financial year 2024–25 (October–December 2024), offering a data-driven analysis of India’s trade performance amid evolving global dynamics. The report was officially released by Dr. Arvind Virmani, Member, NITI Aayog, in New Delhi.
This latest edition presents a comprehensive review of India’s merchandise and services trade, coupled with a special focus on shifts in US trade policy and tariff structures, a crucial area for Indian exporters navigating the evolving global market landscape.
Merchandise exports grew by 3%, reaching $108.7 billion, while imports rose 6.5% to $187.5 billion.
India recorded a services trade surplus of $52.3 billion, driven by 17% growth in services exports, underlining the country’s robust position in the global services economy.
Notably, aircraft, spacecraft, and parts entered India’s top ten export items, registering over 200% year-on-year growth.
India ranked as the 5th-largest exporter of Digitally Delivered Services (DDS) in 2024, with $269 billion in DDS exports.
High-tech merchandise exports, led by electrical machinery and arms/ammunition, have seen steady growth at 10.6% CAGR since 2014.
The thematic section of this edition explores recent changes in US tariff structures and their implications for India’s export competitiveness. The report identifies sectors like pharmaceuticals, textiles, and electrical machinery where India holds a relative tariff advantage compared to global competitors—presenting a timely opportunity to capture greater market share in the United States.
Speaking at the launch, Dr. Virmani emphasized the importance of strategic, agile policymaking in the face of geopolitical volatility and trade realignment. He lauded the publication’s sharp analytical depth and noted that India’s trade strategy is increasingly driven by competitiveness, innovation, and market diversification, particularly in key destinations such as the US.
“At a time when global trade is being reshaped by geopolitical shifts, technological change, and policy uncertainty, this publication is a valuable resource for policymakers, industry, and academia,” said Dr. Virmani.
The report also offers forward-looking recommendations aimed at enhancing trade facilitation and promoting India’s integration into global value chains.
The complete edition of the Q3 FY25 Trade Watch Quarterly can be accessed on NITI Aayog’s official website.
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